A1N 2.33% 88.0¢ arn media limited

Very happy with Friday's results. Radio firing on all cylinders,...

  1. 174 Posts.
    Very happy with Friday's results. Radio firing on all cylinders, NZ media turning the corner, adshel going gangbusters, debt repayment on schedule and cautiously positive commentary on Aust regional media.

    Mgmt have not paid the extra $30 million earnout on BrandsExclusive, have written down the value of this business from $36 million to $15.5 million and have put it on the market. Chenoweth and Crockett thought this business was worth paying $66 million for just over 12 months ago.

    New CEO seems to be sensible and has the capacity to stabilise the print business. If Aust Print Media can stablise revenue, then the potential share price upside is significant.

    eg

    ARN - value of $216 million (at 8 times EBITDA for APN 50%)
    TRN - value of $70 million (at 8 times EBITDA for 50%)
    ARM - value of $100 million (at 4 times EBITDA)
    NZM - value of $186 million (at 4 times EBITDA)
    Outdoor - $59 million (at 7 times EBITDA)
    Adshel +HK - $140 million (at 8 times EBITDA)
    Digital - say $40 million

    TOTAL EV = $811 million

    Net Debt = $460 million

    Equity = $351 million

    Shares on issue = 661 million

    Value per share = 53 cents

 
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